An exchange office employ changes a sign indicating the spread on the dollar-ruble and euro-ruble currency rates at an exchange office in St. Petersburg on Wednesday.

MOSCOW: Russia stepped up its defense of the ruble on Wednesday as it sought to halt a run on the currency and stem the worst financial crisis of President Vladimir Putin’s 15 years in power.

The intervention came as Washington prepared to pile further sanctions on Russia over its support for the separatist insurgency in Ukraine, which have combined with falling oil prices to produce the perfect storm for the currency to go into freefall.

The ruble, which lost a fifth of its value in a single day on Tuesday, has lost 60 percent of its value since the beginning of the year.

The economic storm clouds present a major challenge for Putin, 62, and will test his ability to ride out the economic turmoil and his confrontation with the West over Ukraine. The ruble rallied slightly in late afternoon trading, reaching 61.50 to the dollar from 67.88 on Tuesday evening, and at 76.50 to the euro from 85.15.

The rise came after Prime Minister Dmitry Medvedev voiced confidence that Moscow can contain the crisis and the Finance Ministry said it was selling around $7 billion to prop up the ruble.

The central bank also reiterated it would work with the government to recapitalize some lenders in 2015. The bank added it had spent $1.96 billion on Monday in a bid to prop up the currency, taking to over $10 billion it has spent on propping up the ruble since the start of the month.

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